Homestar Mortgage Rates, Fees & Info

PROVIDENCE, RI

LEI: 549300XSSWN02I2YO728

Tax ID: 05-0490825

2.8 stars - out of 5 stars, based on 9 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Homestar Mortgage is a smaller mortgage company specializing in loans. They have a a high proportion of FHA loans. Homestar Mortgage has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Providence, Worcester, and Norwich among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Homestar Mortgage has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Homestar Mortgage is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.47% 1/29/23
    30 Year Cash-out Refi 7.34% 1/29/23
    30 Year FHA Purchase 7.22% 1/29/23
    30 Year FHA Refi 6.91% 1/29/23
    30 Year USDA Purchase 7.77% 1/29/23
    15 Year Conventional Purchase 5.78% 1/29/23
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    73

    Origination Dollar Volume (All Markets)

    $22,855,000

    Awards

    Homestar Mortgage FHA Loans silver
    Show all (1) awards

    Relative Rate

    Homestar Mortgage's average 30 year fixed mortgage rate was 2.96%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.19%.

    Relative Fees (Closing Costs)

    Homestar Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $7,529.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 70 $21,950,000 $313,571 $7,468 2.96%
    WORCESTER, MA-CT (FHA|USDA|VA) 2 $740,000 $370,000 $5,728 2.88%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $165,000 $165,000 $2,871 3.00%
    Homestar Mortgage's top markets include Providence, Worcester, and Norwich among others.

    Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Homestar Mortgage based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SOMERSET
    Similarity Rank: 87
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    Bridgewater Savings Bank
    Similarity Rank: 224
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396
    OCEAN STATE CREDIT UNION
    Similarity Rank: 405
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 418
    Dedham Institution for Savings
    Similarity Rank: 518
    Rhode Island Credit Union
    Similarity Rank: 524
    ROCKLAND
    Similarity Rank: 540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 67 $21,145,000 $315,597 $7,683 2.95%
    Conventional 5 $1,345,000 $269,000 $3,004 3.08%
    USDA 1 $365,000 $365,000 $7,345 2.88%

    For 2021, Homestar Mortgage's most frequently originated type of loan was FHA, with 67 originations. Their 2nd most popular type was Conventional, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 56 $18,550,000 $331,250 $7,466 2.97%
    Refi 10 $2,660,000 $266,000 $7,168 2.75%
    Cash Out Refi 6 $1,340,000 $223,333 $6,865 3.10%
    Home Improvement 1 $305,000 $305,000 $6,141 3.25%

    For 2021, Homestar Mortgage's most frequently cited loan purpose was Home Purchase, with 56 originations. The 2nd most popular reason was Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 71 $22,535,000 $317,394 $7,529 2.96%
    15 Year 1 $15,000 $15,000 $0 3.13%
    20 Year 1 $305,000 $305,000 $2,546 2.38%

    For 2021, Homestar Mortgage's most frequently cited loan duration was 30 Year, with 71 originations. The 2nd most popular length was 15 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 38 $11,980,000 $315,263
    $<1k 33 $10,305,000 $312,273
    $2k-3k 2 $570,000 $285,000

    Homestar Mortgage's average total fees were $7,529, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 38 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 38 $11,510,000 $302,895
    3-4% 30 $9,580,000 $319,333
    <2.5% 5 $1,765,000 $353,000

    During 2021, Homestar Mortgage's average interest rate for loans was 2.96%, while their most frequently originated rate bucket for loans was 2.5-3%, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 58 $18,020,000 $310,690 $7,174 2.95%
    $400k-600k 9 $3,975,000 $441,667 $10,518 2.90%
    $100k-200k 5 $845,000 $169,000 $5,268 3.08%
    $100,000 or less 1 $15,000 $15,000 $0 3.13%

    2021 saw Homestar Mortgage place emphasis on $200k-400k loans with 58 originations, totaling $18,020,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 30 $8,730,000 $291,000 $6,968 3.00%
    $75k-100k 22 $7,290,000 $331,364 $7,952 2.98%
    $100k-150k 12 $4,370,000 $364,167 $7,851 2.89%
    $50k or less 7 $1,695,000 $242,143 $5,399 2.82%
    $150k-250k 2 $770,000 $385,000 $10,569 2.81%

    Homestar Mortgage lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $75k-100k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 15 $4,765,000 $317,667 $6,942 2.98%
    45% 8 $3,030,000 $378,750 $8,395 2.88%
    49% 6 $1,740,000 $290,000 $8,052 2.98%
    41% 5 $1,715,000 $343,000 $8,616 2.98%
    44% 5 $1,515,000 $303,000 $8,519 3.10%
    37% 5 $965,000 $193,000 $4,171 2.85%
    30-36% 4 $1,300,000 $325,000 $8,520 3.09%
    47% 4 $1,620,000 $405,000 $7,024 2.75%
    48% 4 $1,120,000 $280,000 $7,189 2.88%
    46% 4 $1,140,000 $285,000 $6,628 3.09%
    43% 3 $955,000 $318,333 $8,660 3.00%
    40% 3 $805,000 $268,333 $5,905 2.96%
    20-30% 3 $1,105,000 $368,333 $7,455 2.96%
    39% 2 $510,000 $255,000 $6,095 3.06%
    36% 1 $245,000 $245,000 $7,408 2.50%

    Homestar Mortgage lent most frequently to those with DTI ratios of 50-60%, with 15 originations. The next most common DTI ratio? 45%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 62 $19,650,000 $316,935 $7,380 2.95%
    Black 6 $1,810,000 $301,667 $7,228 2.98%
    Asian 2 $550,000 $275,000 $4,678 2.75%
    American Indian 2 $440,000 $220,000 $5,554 3.06%
    Not provided 1 $405,000 $405,000 $15,711 3.25%

    Approval Rates

    Total approvals of all applications
    97.56%

    Homestar Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    93.15%

    Homestar Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 73 $22,855,000 $313,082

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    73 $22,855,000 $313,082

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 1 $155,000 $155,000 $6,013 2.75%
    60-80% 3 $665,000 $221,667 $5,177 2.71%
    80-100% 67 $21,655,000 $323,209 $7,585 2.97%
    Over 100% 1 $365,000 $365,000 $7,345 2.88%
    Under 20% 1 $15,000 $15,000 $0 3.13%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    HOMESTAR FINANCIAL CORPORATION Conventional home mortgage Trouble during payment process 3 37.5%
    HOMESTAR FINANCIAL CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 25.0%
    HOMESTAR FINANCIAL CORPORATION FHA mortgage Closing on a mortgage 1 12.5%
    HOMESTAR FINANCIAL CORPORATION VA mortgage Closing on a mortgage 1 12.5%
    HOMESTAR FINANCIAL CORPORATION VA mortgage Trouble during payment process 1 12.5%